AI
Monday, October 17, 2016 12:17:29 PM
Zinc - this week important. Here's why....
Some basic charting on the LME closing price using the charts from Kitco page below
Zinc either keeps going up and breaks 52 week high of 1.091 and then 1.10 from Feb-14 and May 15 within 2-3 weeks or breaks down in 1-2 weeks and goes back to $.90 thereby potentially forming a perfect head and shoulder bottom in anticipation of run to close over $2.00 fueled by speculators. This would be healthy of course.
Wood Mackenzie target during 2017-2019 zinc supply crunch is $3800/tonne of $1.72/pound. If this actually materializes thought, the market is small and the LME speculators should jump aboard and take us to a $2+ overshoot if all goes as planned.
http://www.kitcometals.com/charts/zinc_historical_large.html
Some basic charting on the LME closing price using the charts from Kitco page below
Zinc either keeps going up and breaks 52 week high of 1.091 and then 1.10 from Feb-14 and May 15 within 2-3 weeks or breaks down in 1-2 weeks and goes back to $.90 thereby potentially forming a perfect head and shoulder bottom in anticipation of run to close over $2.00 fueled by speculators. This would be healthy of course.
Wood Mackenzie target during 2017-2019 zinc supply crunch is $3800/tonne of $1.72/pound. If this actually materializes thought, the market is small and the LME speculators should jump aboard and take us to a $2+ overshoot if all goes as planned.
http://www.kitcometals.com/charts/zinc_historical_large.html
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